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Retraining Redux

According to a recent McKinsey survey, “executives increasingly see investing in retraining and ‘upskilling’ existing workers as an urgent business priority” — and they also believe that this is an issue where corporations, not governments, must take the lead. Yet executives struggle with several barriers to address the skills gap. One-third of executives believe they need to transform their current HR infrastructure and feel they lack a deep “understanding of how automation and/or digitization will affect our future skills needs.” Additionally, traditional training and retraining has generally failed in the past. So what are organizations to do? McKinsey’s research indicates that empowering employees to be more productive is the key to “cracking the code on reskilling.” When considering investment in training, “the only way to realize the potential productivity dividends from that investment will be to have the people and processes in place to capture it.” Having an action plan to manage the transition into a workplace that has been transformed by automation will become imperative to succeed in the future of work.In exploring when and how to retrain workers, executives are also assessing what part of the future employment demand can be met by retraining current employees, what the ROI of doing so would be, exploring nontraditional talent pools, and how partnering with private, public, and NGO sectors can help.